TAXATION
Artistes

 

TAKE THAT became the latest celebrities caught up in the UK’s tax avoidance scandal after PM David Cameron said yesterday he would look into a £480million investment scheme used by some band members. The Prime Minister also lashed out at comedian Jimmy Carr, branding his tax avoidance “morally wrong”. Carr has subsequently apologised for investing in the contentious scheme known as K2 after it was revealed that he had paid £3.3million a year into a Jersey-based fund which cut his tax bill to just 1per cent by loaning him money back.

Now an investigation has found that Take That stars Gary Barlow, Howard Donald, Mark Owen and their manager Jonathan Wild ploughed £26 million into a music investment partnership run by Icebreaker Management which enables them to cut their tax liability dramatically. Over 1000 people contributed £480m to 62 music industry partnerships that Her Majesty’s Revenue and Customs (HMRC) claim act as tax shelters. Some commentators have called for Gary Barlow to be stripped of his recently awarded OBE if the claims are true. Lily Allen reportedly said “how are tax avoiders the moral equivalent of benefit cheats? Surely they’re a hundred times worse”

http://www.guardian.co.uk/music/2012/jun/20/take-that-tax-avoidance-investigation?newsfeed=true